PSX rebounds as KSE-100 Index gains 229.97 points
PSX rebounds as KSE-100 Index gains 229.97 points

KARACHI: Pakistan bourse rebounded on Wednesday, as Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin dispelled the impression that the government-International Monetary Fund (IMF) deal is intact and the negotiations are at an advanced stage, dealers said.

Ahsan Mehanti at Arif Habib Corporation said that the stocks recovered on the adviser’s affirmation regarding advanced stage negotiations ahead of the resumption of IMF programme.

“Midsession pressure remained on foreign outflows and weakening rupee. However, upbeat urea fertiliser sales, surging 10 per cent and the ADB [Asian Development Bank] approval of $600 million social assistance played a catalytic role in the bullish close.”

The Pakistan Stock Exchange KSE-100 shares Index gained 0.5 per cent, or 229.97 points, to close at 46,629.88 points. The KSE-30 shares index gained 0.59 per cent, or 105.05 points, to close at 18,089.46 points.

As many as 340 scrips were active, of which 183 advanced, 134 declined and 23 remained unchanged. The ready market volumes stood at 320.3 million shares, compared with the turnover of 434.69 million shares in the last trading session.

An analyst at Arif Habib Limited said the index stayed in the green zone throughout the day, as the market celebrated the adviser’s statement that no proposal for the prime minister to seek help of the International Monetary Fund (IMF) chief was under consideration, which eventually gave confidence to investors.

“The market opened on a positive note, as traders took a bet on cement, steel and technology stocks. Accumulation was witnessed in the banking sector, as investors eyeing towards rate hike in the upcoming monetary policy. On the institutional front, buying activity was observed in the cement sector, as inflows appeared through mutual funds.”

The companies, which reflected the highest gains included Rafhan Maize, up Rs150 to close at Rs9,500/share; and Sapphire Textile, up Rs74.6 to close at Rs1,155/share.

The companies that reflected the most losses included Sapphire Fiber, down Rs58 to close at Rs719.1/share; and Gatron Industries, down Rs41.85 to close at Rs516.15/share.

The highest volumes were witnessed in the First National Equities with a turnover of 39.04 million shares. The scrip shed 94 paisas to close at Rs10.10/share; followed by Services Fabrics with a turnover of 30.48 million shares. It shed 70 paisas to close at Rs11.44/share. Ghani Global remained the third with a turnover of 23.78 million shares. It shed 61 paisas to finish at Rs33.24.

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